Navigating Stock Futures: A Pre-Thanksgiving Market Overview

Thomas

November 24, 2023

As the Thanksgiving holiday approaches, the US stock market exhibits subtle shifts in futures trading. On November 22, 2023, Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures experienced a marginal 0.1% decline each by 6:20 pm ET. This followed a positive session where the Dow Jones Industrial Average surged by 0.5% to 35,273, the S&P 500 gained 0.4% to 4,556.6, and the NASDAQ Composite rose by 0.5% to 14,265.9.

Investors, digesting the latest jobless claims data, found Dow futures slipping slightly. Core durable goods orders maintained a monthly flatline, while initial jobless claims reported 209K against an expected 225K. Meanwhile, the bond market indicated 10-year rates near 9-week lows of 4.408%.

In a parallel scenario, the FTSE 100, S&P 500, and Russell 2000 markets revealed interesting dynamics. The FTSE 100, attempting to breach the previous week’s high at 7,535, faced resistance from the 55-day SMA at 7,505. Despite this, the index, currently above Tuesday’s low at 7,446, remains in an uptrend, likely eyeing Friday’s high at 7,516.

Transitioning to the S&P 500, its sharp rally approached the September peak at 4,540. However, momentum waned post-Fed minutes, signaling a potential pullback before the Thanksgiving weekend. Support levels include the mid-November high at 4,524, the September high at 4,491, and the August high at 4,474. A climb above this week’s high at 4,557 could set sights on the July high at 4,607.

Simultaneously, the Russell 2000, facing challenges as a relative underperformer, traded in a narrow range below the 200-day SMA and last week’s high at 1,822 to 1,833. Despite its 2% positive performance year-to-date, the October-to-November uptrend held firm. Support levels rest at Thursday’s low at 1,767 and the 55-day SMA at 1,757, while resistance lies at Monday’s high at 1,813.

Conclusion:

Understanding these market nuances is crucial for traders. As Thanksgiving approaches, keeping a keen eye on trends and potential shifts can inform strategic decisions. For a deeper understanding, consult 4xPip’s experts and explore their range of trading tools and robots. Visit 4xpip for more information and guidance.